According to Roxas, there is an increasing demand for food products among middle class Korean consumers.
He said Korea generally imports the bulk of its food requirements from neighboring countries.
He said the country, "has been sustaining its economic momentum for the rest of the year with consumer spending in an upward trend."
The Korean consumers’ rising enthusiasm for food products was noted from the substantial sales generated during the one-day business matching conference held recently in Seoul, South Korea.
In a report to Roxas, commercial attaché Nicanor S. Bautista of the Philippine Trade and Investment Center (PTIC) in Seoul said a total of $3.067 million in negotiated sales was generated during the one-day business matching conference.
The mission was composed of major Philippine food companies Divent Corp., Seachamp International Export Corp., Mabuhay 2000 Enterprises Inc., 7-D Food International Export Corp., Celebers Agricultural Corp., See’s International Food Manufacturing Corp., and Shemberg Marketing Corp.
The mission was organized by the Center for International Trade Expositions and Missions (CITEM) in collaboration with the Korea Importers’ Association (KOIMA) also formerly known as the Association of Foreign Trading Agents (AFTAK).
KOIMA handles 83 percent of Korea’s import volume.
Representatives of Korea’s major food importers attended the business matching activity. They included purchasing executives of Samsung Corp., Cheil Jedang Corp., the biggest food conglomerate in Korea and the Shinsegae Department Store.
Divent Corp. ordered fresh abalone and fresh baby clams valued at $600,000. Seachamp ordered tilapia fillets, lobster, abalone and black tiger prawns amounting to $1.068 million.
According to Roxas, "our food products definitely have a competitive edge over other country competitors."
He cited the fact that "aside from the presence of an agro-climatological environment which allows the country to produce a wide range of superior fresh and processed food products through the use of modern agricultural technologies, the Philippines’ relative proximity to Korea is also an advantage."